GM Advisory Group LLC Lowers Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

GM Advisory Group LLC cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.2% during the fourth quarter, HoldingsChannel reports. The fund owned 670 shares of the software maker’s stock after selling 68 shares during the quarter. GM Advisory Group LLC’s holdings in Cadence Design Systems were worth $201,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CDNS. Harvest Fund Management Co. Ltd raised its holdings in Cadence Design Systems by 68.9% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 22,446 shares of the software maker’s stock worth $6,755,000 after purchasing an additional 9,154 shares in the last quarter. Platinum Investment Management Ltd. raised its stake in shares of Cadence Design Systems by 42.9% during the 4th quarter. Platinum Investment Management Ltd. now owns 5,448 shares of the software maker’s stock worth $1,637,000 after acquiring an additional 1,635 shares in the last quarter. Trillium Asset Management LLC lifted its position in Cadence Design Systems by 43.3% during the fourth quarter. Trillium Asset Management LLC now owns 80,030 shares of the software maker’s stock valued at $24,045,000 after acquiring an additional 24,178 shares during the last quarter. Intech Investment Management LLC boosted its stake in Cadence Design Systems by 60.5% in the fourth quarter. Intech Investment Management LLC now owns 22,736 shares of the software maker’s stock valued at $6,831,000 after acquiring an additional 8,570 shares in the last quarter. Finally, Generali Asset Management SPA SGR purchased a new position in Cadence Design Systems in the fourth quarter worth $5,918,000. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,021 shares of company stock worth $31,229,155. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CDNS shares. Rosenblatt Securities raised their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Loop Capital dropped their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Piper Sandler boosted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Finally, Robert W. Baird lowered their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $324.83.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $258.70 on Thursday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $70.91 billion, a PE ratio of 67.02, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The stock’s 50-day moving average price is $279.62 and its 200-day moving average price is $284.01. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.